In a recent transaction reported to the Securities and Exchange Commission, William G. Kistner, a director at Byline Bancorp, Inc. (NYSE:BY), purchased 50 shares of the company's common stock. The shares were acquired at an average price of $30.56 each, amounting to a total transaction value of approximately $1,527. Following this purchase, Kistner holds 13,735 shares indirectly through the William G. Kistner Trust dated June 22, 1973, and 1,036 shares directly.
In other recent news, Byline Bancorp posted a steady performance in Q3 2024, with a net income of $30.3 million or $0.69 per diluted share. This figure saw a slight uptick to $30.7 million or $0.70 per diluted share after transaction-related charges were excluded. The company also announced a merger with First Security Bancorp, which is anticipated to be finalized in the first half of 2025.
The bank's net interest income rose to $87.5 million, while total deposits saw an increase of 8.2% to $7.5 billion. However, the company expects non-interest expenses to rise in Q4 due to costs related to digital banking investments.
In other developments, Byline Bancorp is preparing for mid-single-digit loan growth for 2025, with a potential crossing of the $10 billion asset threshold between late 2025 and early 2026. Despite a decrease in net interest margin by 10 basis points to 3.88%, the bank's efficiency ratio remained stable at 52%.
These recent developments reflect Byline Bancorp's strategic growth plans and its focus on maintaining strong profitability.
InvestingPro Insights
Adding context to William G. Kistner's recent purchase of Byline Bancorp (NYSE:BY) shares, InvestingPro data reveals some interesting insights about the company's financial performance and market position.
Byline Bancorp's stock has shown strong momentum, with a 54.68% price total return over the past year and a 31.53% return over the last six months. This positive trend aligns with an InvestingPro Tip highlighting the company's "strong return over the last three months," suggesting that Kistner's purchase comes at a time of sustained stock appreciation.
The company's valuation metrics present a mixed picture. While Byline Bancorp trades at a P/E ratio of 11.34, which is relatively modest, an InvestingPro Tip cautions that it's "trading at a high P/E ratio relative to near-term earnings growth." This suggests that investors should carefully consider the company's growth prospects in relation to its current valuation.
On the financial front, Byline Bancorp reported a revenue of $373.63 million in the last twelve months, with a robust operating income margin of 45.66%. These figures indicate a solid financial foundation, which may have influenced Kistner's decision to increase his stake in the company.
For investors seeking a more comprehensive analysis, InvestingPro offers 10 additional tips for Byline Bancorp, providing a deeper understanding of the company's financial health and market position.
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